KONE acquires Eagle Elevator in Minneapolis, Minnesota, USA

May 02, 2012

KONE Corporation, press release, May 2, 2012

KONE has acquired the business of Eagle Elevator Corporation, an independent elevator service company with a very strong reputation in the Minnesota market. Eagle has operated in the attractive Minneapolis market since 1990. Under the capable leadership of John Corbo and Kim and Paul Nordenstrom, Eagle has grown consistently, establishing itself as a market leader. In addition to a solid maintenance base of more than 1,000 units, Eagle does a substantial volume of modernization and repair work.

Eagle and KONE will be combining their elevator operations under the KONE name during the next few months. "We are thrilled to be adding great new customers representing the full spectrum of building segments including hospitals, corporate headquarters, universities, hotels, industrial facilities and residential buildings," said Vance Tang, KONE EVP and Area Director for the Americas.

"The combined Eagle and KONE teams welcome the opportunity to continue to offer outstanding service to Eagle and KONE customers. We also offer a warm welcome to the new team members from Eagle Elevator who will be bringing a broad range of valuable talents and many decades of collective experience to KONE through this acquisition," Tang concludes.

About KONE KONE is one of the global leaders in the elevator and escalator industry. The company has been committed to understanding the needs of its customers for the past century, providing industry-leading elevators, escalators and automatic building doors as well as innovative solutions for modernization and maintenance. The company's objective is to offer the best People Flow® experience by developing and delivering solutions that enable people to move smoothly, safely, comfortably and without waiting in buildings in an increasingly urbanizing environment. In 2011, KONE had annual net sales of EUR 5.2 billion and on average 35,000 employees. KONE class B shares are listed on the NASDAQ OMX Helsinki Ltd in Finland.

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